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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at June 30, 2022 and December 31, 2021 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
June 30, 2022
U.S. Treasury securities$305,371 $— $(12,973)$292,398 
U.S. government agency securities31,083 42 (592)30,533 
Obligations of states and political subdivisions:
Obligations of states and state agencies13,252 10 (331)12,931 
Municipal bonds173,450 13 (28,916)144,547 
Total obligations of states and political subdivisions186,702 23 (29,247)157,478 
Residential mortgage-backed securities780,624 216 (59,804)721,036 
Corporate and other debt securities191,155 288 (10,337)181,106 
Total $1,494,935 $569 $(112,953)$1,382,551 
December 31, 2021
U.S. government agency securities$20,323 $608 $(6)$20,925 
Obligations of states and political subdivisions:
Obligations of states and state agencies26,088 132 (93)26,127 
Municipal bonds53,530 349 (116)53,763 
Total obligations of states and political subdivisions79,618 481 (209)79,890 
Residential mortgage-backed securities895,279 14,986 (5,763)904,502 
Corporate and other debt securities120,871 3,177 (556)123,492 
Total$1,116,091 $19,252 $(6,534)$1,128,809 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related available for sale debt securities at June 30, 2022 and December 31, 2021 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (in thousands)
June 30, 2022
U.S. Treasury securities$292,397 $(12,973)$— $— $292,397 $(12,973)
U.S. government agency securities26,224 (575)1,202 (17)27,426 (592)
Obligations of states and political subdivisions:
Obligations of states and state agencies
9,315 (331)— — 9,315 (331)
Municipal bonds141,951 (28,916)— — 141,951 (28,916)
Total obligations of states and political subdivisions
151,266 (29,247)— — 151,266 (29,247)
Residential mortgage-backed securities660,060 (52,782)51,630 (7,022)711,690 (59,804)
Corporate and other debt securities148,818 (10,337)— — 148,818 (10,337)
Total$1,278,765 $(105,914)$52,832 $(7,039)$1,331,597 $(112,953)
December 31, 2021
U.S. government agency securities$— $— $1,326 $(6)$1,326 $(6)
Obligations of states and political subdivisions:
Obligations of states and state agencies
10,549 (93)— — 10,549 (93)
Municipal bonds19,100 (116)— — 19,100 (116)
Total obligations of states and political subdivisions
29,649 (209)— — 29,649 (209)
Residential mortgage-backed securities371,256 (4,770)25,960 (993)397,216 (5,763)
Corporate and other debt securities59,039 (556)— — 59,039 (556)
Total$459,944 $(5,535)$27,286 $(999)$487,230 $(6,534)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of available for sale debt securities at June 30, 2022 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 June 30, 2022
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$13,002 $12,941 
Due after one year through five years179,567 176,480 
Due after five years through ten years249,507 237,046 
Due after ten years272,235 235,048 
Residential mortgage-backed securities780,624 721,036 
Total $1,494,935 $1,382,551 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at June 30, 2022 and December 31, 2021 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
June 30, 2022
U.S. Treasury securities$67,238 $573 $(29)$67,782 
U.S. government agency securities259,711 138 (16,495)243,354 
Obligations of states and political subdivisions:
Obligations of states and state agencies102,677 222 (2,468)100,431 
Municipal bonds402,090 520 (16,707)385,903 
Total obligations of states and political subdivisions504,767 742 (19,175)486,334 
Residential mortgage-backed securities2,775,928 814 (284,005)2,492,737 
Trust preferred securities37,033 (5,583)31,453 
Corporate and other debt securities75,300 31 (3,276)72,055 
Total $3,719,977 $2,301 $(328,563)$3,393,715 
December 31, 2021
U.S. Treasury securities$67,558 $4,103 $— $71,661 
U.S. government agency securities6,265 113 — 6,378 
Obligations of states and political subdivisions:
Obligations of states and state agencies141,015 3,065 (312)143,768 
Municipal bonds196,947 3,536 (87)200,396 
Total obligations of states and political subdivisions337,962 6,601 (399)344,164 
Residential mortgage-backed securities2,166,142 14,599 (28,440)2,152,301 
Trust preferred securities37,020 (5,109)31,916 
Corporate and other debt securities53,750 559 (124)54,185 
Total $2,668,697 $25,980 $(34,072)$2,660,605 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related debt securities held to maturity at June 30, 2022 and December 31, 2021 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (in thousands)
June 30, 2022
U.S. Treasury securities$34,914 $(29)$— $— $34,914 $(29)
U.S. government agency securities220,737 (16,495)— — 220,737 (16,495)
Obligations of states and political subdivisions:
Obligations of states and state agencies
61,460 (1,466)9,610 (1,002)71,070 (2,468)
Municipal bonds251,294 (16,606)1,311 (101)252,605 (16,707)
Total obligations of states and political subdivisions
312,754 (18,072)10,921 (1,103)323,675 (19,175)
Residential mortgage-backed securities
1,931,648 (197,148)524,191 (86,857)2,455,839 (284,005)
Trust preferred securities— — 30,450 (5,583)30,450 (5,583)
Corporate and other debt securities67,524 (3,276)— — 67,524 (3,276)
Total$2,567,577 $(235,020)$565,562 $(93,543)$3,133,139 $(328,563)
December 31, 2021
Obligations of states and political subdivisions:
Obligations of states and state agencies$17,000 $(254)$5,517 $(58)$22,517 $(312)
Municipal bonds9,403 (87)— — 9,403 (87)
Total obligations of states and political subdivisions
26,403 (341)5,517 (58)31,920 (399)
Residential mortgage-backed securities
1,381,405 (22,365)206,520 (6,075)1,587,925 (28,440)
Trust preferred securities— — 30,912 (5,109)30,912 (5,109)
Corporate and other debt securities
32,627 (124)— — 32,627 (124)
Total$1,440,435 $(22,830)$242,949 $(11,242)$1,683,384 $(34,072)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at June 30, 2022 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 June 30, 2022
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$33,206 $33,186 
Due after one year through five years220,521 219,462 
Due after five years through ten years73,729 72,398 
Due after ten years616,593 575,932 
Residential mortgage-backed securities2,775,928 2,492,737 
Total$3,719,977 $3,393,715 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at June 30, 2022 and December 31, 2021.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
June 30, 2022
U.S. Treasury securities$67,238 $— $— $— $67,238 
U.S. government agency securities259,711 — — — 259,711 
Obligations of states and political subdivisions:
Obligations of states and state agencies76,322 — 5,537 20,818 102,677 
Municipal bonds346,261 — — 55,829 402,090 
Total obligations of states and political subdivisions
422,583 — 5,537 76,647 504,767 
Residential mortgage-backed securities2,775,928 — — — 2,775,928 
Trust preferred securities— — — 37,033 37,033 
Corporate and other debt securities2,000 6,000 — 67,300 75,300 
Total $3,527,460 $6,000 $5,537 $180,980 $3,719,977 
December 31, 2021
U.S. Treasury securities$67,558 $— $— $— $67,558 
U.S. government agency securities6,265 — — — 6,265 
Obligations of states and political subdivisions:
Obligations of states and state agencies118,368 — 5,576 17,071 141,015 
Municipal bonds148,854 — — 48,093 196,947 
Total obligations of states and political subdivisions
267,222 — 5,576 65,164 337,962 
Residential mortgage-backed securities2,166,142 — — — 2,166,142 
Trust preferred securities— — — 37,020 37,020 
Corporate and other debt securities2,000 6,000 — 45,750 53,750 
Total$2,509,187 $6,000 $5,576 $147,934 $2,668,697